Director dealings: McColl's co-founder sells out

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(ShareCast News) - James Lancaster, the outgoing non-executive director and former chief executive of McColl's Retail Group announced on Wednesday that he was stepping down from the board with immediate effect.

McColl's then separately announced that Lancaster, who co-founded the company in 1973, had sold his 11,399,500 shares in the convenience store operator on Tuesday at 295p, their 52-week high, for a total of £33.63m.

Analysts at Liberum Capital said in April that, while they remained cautious on the retail sector due to impacts on margins as a result of higher labour and sourcing costs in a post-Brexit referendum Britain, they had identified McColl's as one of its "key long-term" winners as structural pressures on other retailers, such as M&S and Pets At Home, did not seemingly apply to the firm.

In its third-quarter trading update released on 31 August, McColl's reported a 31% rise in total revenue for the 13-week period to 27 August and a 15.8% jump year-to-date following the successful integration of 298 acquired convenience stores.

Lancaster, 69, said it was "the right time" to step down.

"I have every confidence that under the stewardship of the board, and in the capable hands of Jonathan Miller and his superb management team, McColl's will continue to thrive. I wish the group all the best for the future."

As of 1655 BST, shares were up 0.69% in Wednesday trading to 290.00p.

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